Michel Del Buono, CIO of Andreessen Horowitz’s multi-family office Perennial, breaks down how Silicon Valley’s top founders and investors manage wealth after massive liquidity events.
Perennial was built after Marc Andreessen and Ben Horowitz saw a major gap: traditional wealth managers weren’t delivering institutional-quality investment advice, while institutional asset managers weren’t built for taxable individuals.
In this episode, we go deep on how portfolios should be constructed when you’re managing $50M to $1B+, including how to prepare for potential mega-events like a SpaceX IPO — which could be one of the largest in history.
We cover:
Why most wealth management portfolios are misaligned
The structural flaws of RIAs vs institutional asset managers
How to manage concentrated stock positions pre- and post-IPO
Why venture capital returns are driven by extreme dispersion
How taxes, fees, and structure can drive hundreds of basis points of alpha
Why volatility is one of the biggest opportunities for long-term investors
The rise of multi-family offices in Silicon Valley
Michel also explains why many founders make critical mistakes immediately after their first liquidity event — and how to avoid them.
If you’re building, investing, or approaching a major liquidity event, this is a masterclass in how wealth is actually managed at scale.
Michel Del Buono: https://www.linkedin.com/in/mdelbuono/
Molly O’Shea: https://x.com/MollySOShea
Sourcery: https://x.com/sourceryy
𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒
YouTube : https://youtu.be/eiu81s0iyj8
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